IN SHORT: US software firm PeopleSoft said yesterday it would buy rival JD Edwards for $1.7 billion (€1.44 billion) in stock, creating the world's second largest business software firm.
The deal brings together PeopleSoft, best known for software that stitches a firm's human resources operations together with other business departments and JD Edwards, which focuses on manufacturing shopfloor integration software.
The combination, which will compete with Germany's SAP AG and Oracle, comes against the backdrop of weaker corporate spending on technology, which has chilled the market for most business software makers. (Reuters)
Investors snap up Puma shares
Investors yesterday snapped up shares in Puma, the sports goods maker and one of the world's hottest brands, after the German group's largest shareholder offloaded its 42 per cent stake. Monarchy Regency, a US entertainment group, raised €576.2m by placing its 6.7 million Puma shares at €86 each, a 5 per cent discount to Friday's closing price. The move initially sent Puma shares down more than 10 per cent, but they recovered on news that the placement, arranged by Goldman Sachs, was several times subscribed. - (Financial Times Service)
WPP considers bid for Cordiant
The world's third biggest advertising agency WPP said yesterday it is considering a bid for Cordiant, as the contest to control the future of the troubled advertising group enters the endgame.
A WPP spokesman said the company was conducting a due diligence review of Cordiant's books.
Cordiant, crippled by the loss of key clients at Bates Worldwide and a heavy debt load, faces a July 15th deadline from its lenders.
The company is considering several offers, although it warned last week that none were likely to result in a bid at its current share price.
Cordiant is in the process of selling public relations shop Financial Dynamics and German ad agency Scholz & Friends to the firms' management.
Nokia's market share falls to 35%
Nokia's share of the global mobile phone handset market fell to 35 per cent in the first quarter this year from 36.2 per cent, research group Gartner Dataquest said yesterday.
The Finnish firm, the world's biggest mobile manufacturer, was still well ahead of second-place Motorola of the US, which saw its market share slip to 14.7 per cent from 16.9 per cent.
Gartner, which measures actual sales to consumers, said 113 million handsets were sold in the January to March period, an increase of 18.2 per cent over the year-ago quarter.
The sharp increase, after two years of moderate decline and sluggish growth, was driven by cheaper-than-ever handsets, which still have popular functions such as musical ringtones.
UK plans to curb 'fat cat' greed
Britain will propose laws today to stop bosses walking away with massive payments even when their companies have performed very poorly, in response to the growing concern over so-called "fat cat" greed.
Trade and Industry Secretary Ms Patricia Hewitt will present a consultation document entitled "Reward for Failure" which will recommend that remuneration should be linked to performance.- (Reuters)
